US equities open moderately lower, with the sp' hitting 1911 (VIX 25.56). There is notable weakness in commodities, with Gold -$14, Silver -3.1%, and Oil -1.6% in the $44s. The market is clearly on the edge of the sp'1900 cliff.. but for now... price action looks highly suspect in terms of a break lower.
*I exited SPY-short and VIX-long just after the open from sp'1920 and VIX 25.20 respectively.
Frankly, considering the overnight futures action (indexes were positive at one point), I'm more than content with my two exits.
So... what now?
Its a very borderline situation.... my best guess... hunch... call it whatever you want... I just don't feel the bears are showing the downside power necessary to convince me to remain short.
For now... I'm content to step aside.. and see what happens.
10.03am.. Market tests the 1908 low..... despite the declines... I just don't like what I'm seeing.
.. but hey... I ain't going long.
10.12am.. Market testing the 1903 low.
notable weakness, AAPL -1.8% in the $112s.
10.19am.. King O' rises at the UN.... now the market can rally?
notable strength: INTC +1.5%.... very odd.
10.25am.. Market trying to push higher from a floor of sp'1902.. with VIX 26.73.
A net daily gain won't be easy.... but then... less difficult than a break <1900. The morning window is closing for the bears.